Fino Payments Bank bought under scrutiny related to GST investigation
New Delhi: Payment Bank offering banking solutions, Fino Payments Bank has declared the exchanges that Mr. Rishi Gupta, MD & CEO of the Bank is arrested under the provisions of Section 132(1)(a) and 132(1) (i) of the CGST and SGST Act, 2017, respectively.
The Estimated impact on the listed entity is depending on the investigation which is relating to business partner(s) of the Bank and not relating to the GST compliance of the Bank. The Bank is co-operating with the authorities to provide all the necessary information.
Presently there is no impact on the Bank. The arrest has been done only in respect of Mr. Rishi Gupta, MD & CEO of the Bank. Ground of Arrest was issued on February 27, 2026.
None of the Bank officials are involved, this is investigation relating to the business partner(s) of the Bank and officials of the Bank are cooperating with the investigation. The matter remains under review.
Mr. Ketan Merchant, Chief Financial Officer of the Bank was appointed as a Head of the Organization by the Board to carry on and oversee the day-to-day operations of the Bank in absence of Mr. Rishi Gupta, Managing Director & CEO of the Bank until otherwise resolved by the Board or till Mr. Rishi Gupta resumes office, whichever is earlier.
Further, the Bank has informed in a separate exchange filing that it has strong corporate governance, compliance framework and robust processes in place. As a regulated entity, the bank is compliant with all the laws, including GST.
The CFO Bank has mentioned that this issue is with regards to a GST investigation pertaining to program managers who have relationship with other banks including Fino Payments Banks Limited. The Bank and its MD & CEO - Mr. Rishi Gupta have nothing to do with the actions of the programme managers. We have full faith in the country’s judiciary and will continue to extend full cooperation and assistance to the authorities in the on-going process. We would like to further assure our customers, investors and all our stakeholders that our business operations will continue uninterrupted and there will be no impact on our services. We stand committed to deliver on our customer centricity.”